Peter a qualified electrical engineer was retrenched in January $20\mathrm{.}2$ and he received a retrenchment package of R$1000000.$ PG Electricians will also do installations of solar panels. PG Electricians will use the periodic inventory system.

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The following transactions occurred in the books of PG Electricians during the month of February $20\mathrm{.}2$:

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Transaction

Details

$1$

He decided to open his own business PG Electricians on $1$ February $20\mathrm{.}2$ and deposited $45\%$ of his retrenchment package into PG Electricians business bank account.

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$2$

Peter donated five non$-$contact voltage testers worth R$250$ each to the business.

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$3$

For the month of February $20\mathrm{.}2,$ PG Electricians rendered services for cash to the value of R$500000.$

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$4$

Peter used his business banking app to buy a desk and typist chair for the receptionist from WR Equip for R$7500.$

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$5$

Peter used his business banking app to purchase R$8000$ prepaid electricity.

$6$

PG Electricians sold $12$ solar panels, two batteries and $1$ inverter for$$

R$120000$ to Mrs Thomas on $28$ February $20\mathrm{.}2.$ Mrs Thomas has not yet made any payment.

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Instructions:

$1.$Use a$$full stop$$to indicate any$$decimals$($eg: $1000\mathrm{.}01)$

$2.$Round$$off to the$$second decimal$$after the full stop$($eg: $50\mathrm{.}56)$

$3.$ A$$decrease$$in an amount must be indicated by using$$a$$negative sign$$in front of the amount$($eg: $-1000\mathrm{.}01)$

$4.$ An$$increase$$must be$$indicated by$$the$$amount$$without any sign$($eg: $1000\mathrm{.}01)$

$5.$ If an$$option$$has been provided and it is$$not applicable$$to the specific question, please put$$N$/$A in the column.

$6.$ Only show the amount,$$do not$$show the$"$R$"($eg: $1000)$

The correct ledger and accounting analysis of TRANSACTION $6$ in the books of PG Electricians will be $...$

General ledger

Assets

Equity

Liabilities

Account to be debited

Account to be credited

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R

R

R

Answer$$Trade and other payables controlTrade and other receivables controlBankService renderedInventoryN$/$ASales

Answer$$SalesServices renderedTrade and other payables controlN$/$ATrade and other receivables controlInventoryBank

Answer

Answer

Answer